Insurance Actuarial Assistant

Gardiner, Maine, United States | Accounting & Finance | Full-time

Apply by: Sept. 18, 2020
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Department of Professional & Financial Regulation, Bureau of Insurance

Opening Date:   September 3, 2020

Closing Date: September 18, 2020 

Job Class Code:   0683
Grade:   29
Salary:   $54,704.00 - $74,942.40
Location: Gardiner

The Maine Department of Professional and Financial Regulation, Bureau of Insurance, seeks an Insurance Actuarial Assistant.

This is a professional position assisting the Insurance Actuary in actuarial analysis of insurance company rates, reserves, coverage terms and rating rules.  The employee will independently determine whether rates or rating rules are excessive, inadequate, or unfairly discriminatory, and negotiate final rates with the filer.  The position will study the effect of investment income, experience credibility, and adequacy of reserves upon rates charged in the state.  Work is performed under limited supervision. 

Primary responsibilities include:   

  • Reviews, analyzes, evaluates rate filings, rating rules, and policy form coverages in order to determine propriety of changes and whether rates are excessive.
  • Reviews filings which contain reference to loss development, trend, credibility theory, experience or retrospective ratings, and other mathematical techniques in order to perform actuarial analyses.
  • Using higher mathematics, evaluates trending methodologies employed by rate filers in order to determine propriety of trending methodologies.
  • Applies credibility theory and other statistically based methods in order to develop rate relativities.
  • Devises computer assisted loss experience triangles in order to perform actuarial analyses.
  • Assists in the design and drafting of proposed regulations and legislation affecting casualty insurance coverages and rates in order to aid management.
  • Analyzes rating plans including schedule rating, class rating, dividend programs, and safety programs in order to determine propriety of rating plans.
  • Represents the Bureau at conferences of rating organizations, advisory organizations, assigned risk plan managers, etc. in order to provide representation and bureau position.
  • Analyzes reserving techniques used by insurers and workers' compensation self-insurers in order to establish a provision for unpaid claims and loss settlement costs.
  • Analyzes loss cost filings made by rating bureaus or advisory organizations in order to determine correctness.
  • Provides guidance to Property Casualty Supervisor and Senior Rate Analysts regarding rate making procedures and actuarial methods in order to ensure proper application of methods and procedures.
  • Implements and complies with human resource laws, policies, procedures and practices such as: AA/EEO, recruitment, employment, position classification, performance appraisals, training, discipline, contract administration, human resource components of security protocols of agency information security and confidentiality policies, and employee safety.

 To be successful in the position, you must have knowledge of and experience in: 

  • Knowledge of applicable laws, rules, policies, and procedures.
  • Knowledge of principles and practices employed by insurers in casualty rate making.
  • Knowledge of higher mathematics in applied rate making theory and reserve analysis.
  • Knowledge of statutory rate making requirements and standards.
  • Knowledge of computer assisted loss experience statistical methodology.
  • Ability to supervise subordinate personnel.
  • Ability to analyze rate classification differentials, relativities, underwriting territory distinctions, and rating plans.
  • Ability to evaluate the propriety of safety and dividend programs.
  • Ability to effectively communicate with actuaries, economists, and other disciplines in the insurance industry.
  • Ability to obtain information and testimony in rate making matters.
  • Ability to analyze rate deviations, schedule rating plans, etc.
  • Ability to use applicable computer programs.

Qualifications: 

A Bachelor’s degree in Mathematics, Engineering, Physics, Statistics, Actuarial Science, or other degree with a vigorous math background and one (1) year experience in actuarial work -OR- an equivalent combination of education, training, and/or experience.

Questions regarding this position should be directed to Sandra Darby, Property and Casualty Actuary, Maine Bureau of Insurance at (207) 624-8427 or Sandra.c.darby@maine.gov 

Application Instructions:

Interested applicants need to apply online by selecting the "Apply for this opening" button along with uploading a cover letter, current resume, copies of post-secondary transcripts, licensing, registration and certifications.  If you require a paper application, please contact Human Resources at 623-6700. 

Why work for the State of Maine?

Benefits:
The value of State’s share of Employee’s Retirement Contribution: 14.11% of pay for bargaining unit positions. 
The value of State-paid Dental Insurance: $14.60 biweekly.

The value* of State-paid Health Insurance:
100% State Contribution = $470.99 biweekly / Employee pays nothing
95% State Contribution = $447.44 biweekly / Employee pays: 5% = $23.55 biweekly
90% State Contribution = $423.89 biweekly / Employee pays:10% = $47.10 biweekly
85% State Contribution = $400.34 biweekly / Employee pays:15% = $70.65 biweekly
*The level of the actual value of state paid Health Insurance will be based on the employee's wage rate and status with regard to the health credit premium payment. To explore the cost of coverage for specific situations, please consult these tables

Maine State Government is an Equal Opportunity/Affirmative Action employer.  We provide reasonable accommodations to qualified individuals with disabilities upon request.